Document

Valaris Limited
Fleet Status Report
July 29, 2024


New Contracts, Extensions and Other Updates Since Last Fleet Status Report
Contract Backlog •Valaris has been awarded the following new contracts and contract extensions, with associated contract backlog of approximately $715 million, subsequent to issuing its most recent fleet status report on April 30, 2024. Contract backlog excludes lump sum payments such as mobilization fees and capital reimbursements. •Contract backlog increased to approximately $4.3 billion from approximately $4.0 billion as of April 30, 2024. Floater Contract Awards •Multi-year contract with Equinor offshore Brazil for drillship VALARIS DS-17. The contract has an estimated total duration of 852 days and is expected to commence in the third quarter 2025, in direct continuation of the rig's current program. The contract includes a 672-day drilling program that is expected to commence in the first half of 2026. The rig will be on standby for an estimated duration of 180 days between the end of the rig's current program and the beginning of the operating period. During the standby period, the rig may be available for work both inside and outside Brazil, which could lead to incremental revenue. The estimated total contract value is approximately $498 million, inclusive of MPD, additional services and fees for mobilization and minor rig upgrades. Jackup Contract Awards •26-well plug and abandonment contract in the UK North Sea for jackup VALARIS 92. The contract has an estimated duration of two years and is expected to commence in the first quarter 2025, in direct continuation of the rig’s current program with another operator. The estimated total contract value is approximately $75 million. •Eight-well contract with Shell offshore Trinidad for jackup VALARIS 249. The contract has an estimated duration of 365 days and is expected to commence in the first half 2026. The estimated total contract value is approximately $66 million. •Two-well contract with ENI Energy E&P UK Limited in the UK North Sea for jackup VALARIS Norway. The contract has an estimated duration of 292 days and is expected to commence in the first quarter 2025. The estimated total contract value is approximately $39 million. •One-year priced option exercised by North Oil Company offshore Qatar for jackup VALARIS 110. The one-year option will commence in October 2024 in direct continuation of the rig’s current program. The total contract value for the one-year priced option is approximately $26 million. •One-well contract with Anasuria Hibiscus UK Limited in the UK North Sea for jackup VALARIS 248. The contract has an estimated duration of 93 days and is expected to commence in the second quarter 2025, following completion of the rig's current program with another operator and a shipyard visit for planned maintenance. The estimated total contract value is $14.2 million. •One-well contract offshore Angola for jackup VALARIS 144. The contract has an estimated duration of 45 days and is expected to commence in the first quarter 2025, in advance of a previously disclosed 13-well contract for the rig with the same operator. The estimated total contract value is approximately $8.5 million. •One-well option exercised by TAQA on behalf of the Porthos CCS project in the Netherlands for jackup VALARIS 123. The extension period has a minimum duration of 15 days and is expected to commence in the third quarter 2025, in direct continuation of the rig’s current program. The operating day rate for work performed in 2025 is $152,500. Other Fleet Status Updates •In late July, ARO received suspension notices for the drilling contracts for VALARIS 147 and VALARIS 148, which are two of our jackups leased to ARO. Discussions are ongoing with Saudi Aramco regarding whether other Valaris leased rigs or ARO-owned rigs could be subject to the suspensions instead of VALARIS 147 and VALARIS 148 as well as when the suspensions will be effective. As of July 29, 2024, these two rigs accounted for $35 million of Valaris' contract backlog.

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Valaris Limited
Fleet Status Report
July 29, 2024


Contract Backlog(1) (2) ($ millions)	2024		2025		2026+		Total		Contracted Days(1) (2)	2024		2025		2026+
Drillships	$	468.4	$	990.5	$	1,049.4	$	2,508.3	Drillships	1,318		2,536		2,201
Semisubmersibles	68.6		53.5		—		122.1		Semisubmersibles	312		242		—
Floaters	$	537.0	$	1,044.0	$	1,049.4	$	2,630.4	Floaters	1,630		2,778		2,201

HD - Harsh Environment	$	171.1	$	275.5	$	218.4	$	665.0	HD - Harsh Environment	1,364		1,940		1,285
HD & SD - Modern	95.2		196.3		147.4		438.9		HD & SD - Modern	917		1,534		966
SD - Legacy	25.0		66.6		97.4		189.0		SD - Legacy	312		720		1,061
Jackups	$	291.3	$	538.4	$	463.2	$	1,292.9	Jackups	2,593		4,194		3,312

Other(3)	$	80.2	$	142.1	$	161.9	$	384.2	Other(3)	1,701		2,457		2,580

Total	$	908.5	$	1,724.5	$	1,674.5	$	4,307.5	Total	5,924		9,429		8,093

ARO Drilling(4)									Average Day Rates(1) (2)	2024		2025		2026+
Owned Rigs	$	153.7	$	362.0	$	807.2	$	1,322.9	Drillships	$	355,000	$	391,000	$	477,000
Leased Rigs	139.8		174.9		195.7		510.4		Semisubmersibles	220,000		221,000		—
Total	$	293.5	$	536.9	$	1,002.9	$	1,833.3	Floaters	$	329,000	$	376,000	$	477,000

									HD - Harsh Environment	$	125,000	$	142,000	$	170,000
									HD & SD - Modern	104,000		128,000		153,000
									SD - Legacy	80,000		92,000		92,000
									Jackups	$	112,000	$	128,000	$	140,000

(1) Contract backlog, contracted days and average day rates as of July 29, 2024. (2) Contract backlog and average day rates exclude certain types of non-recurring revenues such as lump sum mobilization payments. Contract backlog and contracted days include backlog and days when a rig is under suspension. Average day rates are adjusted to exclude suspension backlog and days. (3) Other represents contract backlog and contracted days related to bareboat charter agreements and management services contracts. Includes $35 million related to VALARIS 147 and VALARIS 148, which have received suspension notices from Saudi Aramco. (4) ARO Drilling contract backlog as of July 29, 2024. Includes $113 million within contract backlog for leased rigs related to VALARIS 147 and VALARIS 148, which have received suspension notices from Saudi Aramco. HD = Heavy Duty; SD = Standard Duty

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Valaris Limited
Fleet Status Report
July 29, 2024

Asset Category / Rig

Design

Year Delivered

Customer

Location

Contract Start Date

Contract End Date(1)

Day Rate(2)

Comments

Drillships

VALARIS DS-18

GustoMSC P10000

2015

Chevron

US GOM

Aug 22

Aug 25

Additional rate charged when MPD services provided

VALARIS DS-17

GustoMSC P10000

2014

Equinor

Brazil / Argentina

Brazil

Sep 23

May 25

Sep 25

Apr 25

Aug 25

Dec 27

$447,000
$497,000

Contract includes MPD and additional services

Estimated total contract value of $498 million, inclusive of MPD, additional services and fees for mobilization and minor rig upgrades. Based on estimated duration of 852 days comprised of a 180-day standby period followed by a 672-day drilling program

VALARIS DS-16

GustoMSC P10000

2014

Occidental
Occidental

US GOM
US GOM

Jun 22
Jun 24

Jun 24
Jun 26

Additional rate charged when MPD services provided. 1-year priced option

VALARIS DS-15

GustoMSC P10000

2014

TotalEnergies
BP
TotalEnergies
TotalEnergies

Brazil
Brazil
Brazil
Brazil

Jun 21

May 24

Sep 24

Jan 25

Apr 24

Sep 24

Dec 24

Sep 25

$410,000
$254,000
$400,000

Additional rate charged when MPD services provided
Additional rate charged when MPD services provided
Additional rate charged when MPD services provided
Additional rate charged when MPD and additional services provided. Two 160-day priced options and one 120-day priced option, with increased operating day rates for each option period. Total contract value for option periods if exercised, excluding the provision of MPD and additional services, is approximately $210 million.

VALARIS DS-12

DSME 12000

2013

Egypt

Jan 24

Jan 25

Total contract value of $136 million based on initial estimated duration of 320 days

VALARIS DS-10

Samsung GF12000

2017

SNEPCo

Nigeria

Apr 23

Aug 24

$231,000

VALARIS DS-9

Samsung GF12000

2015

ExxonMobil

Angola

Jul 22

Jul 25

Contract includes MPD services. Two 6-month priced options

VALARIS DS-8

Samsung GF12000

2015

Petrobras

Brazil

Dec 23

Dec 26

$428,000

Plus mobilization fee of approx. $30 million. Contract includes additional services.

VALARIS DS-7

Samsung 96K

2013

Undisclosed

West Africa

Jun 24

Oct 26

Total contract value estimated to be $364 million based on initial estimated duration of 850 days

VALARIS DS-4

Samsung 96K

2010

Petrobras

Petrobras

Brazil

Brazil

Jul 22

Dec 24

Sep 24

Nov 27

$450,000

Contract includes MPD and additional services. Expect approx. 60 days out of service for contract preparations in 4Q24

Plus mobilization fee of approx. $41 million. Contract includes MPD and additional services

Stacked

VALARIS DS-14

DSME 12000

2023

Spain

VALARIS DS-13

DSME 12000

2023

Spain

VALARIS DS-11

DSME 12000

2013

Spain

Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report

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Valaris Limited
Fleet Status Report
July 29, 2024

Asset Category / Rig

Design

Year Delivered

Customer

Location

Contract Start Date

Contract End Date(1)

Day Rate(2)

Comments

Semisubmersibles

VALARIS DPS-5

ENSCO 8500 Series,
DP + Moored

2012

Eni

Mexico

Mar 24

Jul 24

$345,000

Plus $3 million mobilization fee

VALARIS DPS-1

F&G ExD Millennium, DP

2012

Woodside

Australia

Jan 24

Jun 25

VALARIS MS-1

F&G ExD Millennium, Moored

2011

Santos

Australia

Jan 24

Apr 25

Operations recommenced in Jan 24 following a suspension period. Three priced options each with an estimated duration of 45 days

Stacked

VALARIS DPS-6

ENSCO 8500 Series, DP

2012

US GOM

VALARIS DPS-3

ENSCO 8500 Series,
DP + Moored

2010

US GOM

Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report

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Valaris Limited
Fleet Status Report
July 29, 2024

Asset Category / Rig

Design

Year Delivered

Customer

Location

Contract Start Date

Contract End Date(1)

Day Rate(2)

Comments

Heavy Duty - Harsh Environment Jackups

VALARIS Norway

KFELS N Class

2011

Eni

ENI Energy E&P

Jan 24

Feb 25

Jan 25

Dec 25

VALARIS Norway substitutes for VALARIS 72 until the rig completes its current contract

Total contract value of approx. $39 million based on estimated duration of 292 days

VALARIS Stavanger

KFELS N Class

2011

TotalEnergies

May 24

May 25

Total contract value of approx. $52 million, including minor rig modifications, based on estimated duration of 360 days. Two priced options with an estimated duration of 270 days each

VALARIS 250

LT Super Gorilla XL

2003

Saudi Aramco

Saudi Arabia

Jun 18

Dec 24

Leased to ARO Drilling(4). Expect approx. 10 days out of service for planned maintenance in 3Q24

VALARIS 249

LT Super Gorilla

2001

Undisclosed

Perenco

Undisclosed

Shell

Trinidad

Jul 23

Aug 24

Oct 24

Dec 24

May 26

Jul 24

Oct 24

Dec 24

Oct 25

May 27

$125,000
$138,000

$163,000

Plus mobilization fee of $8.5 million and a daily rate of $64,000 while the rig was in transit from New Zealand to Trinidad. Expect approx. 20 days out of service for unplanned repairs in 3Q24

Total contract value of approx. $66 million based on estimated duration of 365 days. Three priced options with an estimated duration of 50 days each

VALARIS 248

LT Super Gorilla

2000

ENI Energy E&P

Hibiscus

Aug 20

May 25

Mar 25
Aug 25

Expect approx. 50 days out of service for planned maintenance across 1Q25 and 2Q25

Total contract value of $14.2 million based on estimated duration of 93 days

VALARIS 247

LT Super Gorilla

1998

Undisclosed

Eni

Australia

Australia

Jul 24

Oct 24

Dec 24

$180,000

$180,000

Plus mobilization and demobilization fees that cover moving and operating costs while the rig is in transit from/to the UK

VALARIS 123

KFELS Super A

2019

Ithaca Energy
Shell
TAQA

UK
UK
Netherlands

May 24

Jul 24

Jan 25

Jul 24
Jan 25
Sep 25

$153,000

Minimum total contract value of $6.3 million based on minimum duration of 45 days
Total contract value of approx. $21 million based on initial estimated duration of 154 days
Options for up to 10 wells with an estimated total duration of 300 days. Operating day rate increases to approx. $163,000 in 2026

VALARIS 122

KFELS Super A

2013

Shell

Sep 23

May 25

Total contract value of over $60 million based on initial estimated duration of 500 days. Expect approx. 20 days out of service for planned maintenance in 3Q24

VALARIS 121

KFELS Super A

2013

Shell
Shell

UK
UK

Nov 23

Sep 24

Oct 25

Total contract value of over $25 million based on initial estimated duration of 210 days
Total contract value of approx. $55 million based on estimated duration of 406 days. Plus two priced options

VALARIS 120

KFELS Super A

2013

Harbour Energy
Harbour Energy

Jul 23
Jul 25

Jul 25
Jul 28

$130,000
$166,000

Expect approx. 15 days out of service for planned maintenance in 3Q24

Stacked

VALARIS Viking

KFELS N Class

2010

VALARIS 102

KFELS MOD V-A

2002

US GOM

Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report

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Valaris Limited
Fleet Status Report
July 29, 2024

Asset Category / Rig

Design

Year Delivered

Customer

Location

Contract Start Date

Contract End Date(1)

Day Rate(2)

Comments

Heavy Duty - Modern Jackups(3)

VALARIS 118

LT 240-C

2012

Trinidad

Apr 24

Jun 25

Total contract value of approx. $51 million based on initial estimated duration of 365 days

VALARIS 117

LT 240-C

2009

Eni

Mexico

Dec 21

Jan 25

Expect approx. 30 days out of service for planned maintenance in 1Q25

VALARIS 116

LT 240-C

2008

Saudi Aramco

Saudi Arabia

Dec 18

Dec 24

Leased to ARO Drilling(4)

VALARIS 115

BM Pacific Class 400

2013

Shell

Brunei

Apr 23

Apr 27

Total contract value of approx. $159 million based on duration of four years

VALARIS 110

KFELS MOD V-B

2015

North Oil Company

Qatar

Oct 21

Oct 25

1-year priced option

VALARIS 108

KFELS MOD V-B

2007

Saudi Aramco

Saudi Arabia

Mar 24

Mar 27

Leased to ARO Drilling(4)

VALARIS 107

KFELS MOD V-B

2006

Undisclosed
ExxonMobil

Australia
Australia

Mar 24
Oct 24

Sep 24
Oct 25

$150,000
$153,000

Two 180-day priced options

VALARIS 106

KFELS MOD V-B

2005

BP
BP

Indonesia
Indonesia

Jan 24

Apr 25

Jan 25
May 25

$85,000
$95,000

Expect approx. 90 days out of service for planned maintenance across 1Q25 and 2Q25. Priced options for work into 1Q26

Stacked

VALARIS 111

KFELS MOD V-B

2003

Croatia

VALARIS 109

KFELS MOD V-Super B

2008

Namibia

VALARIS 104

KFELS MOD V-B

2002

UAE

Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report

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Valaris Limited
Fleet Status Report
July 29, 2024

Asset Category / Rig

Design

Year Delivered

Customer

Location

Contract Start Date

Contract End Date(1)

Day Rate(2)

Comments

Standard Duty - Modern Jackups(3)

VALARIS 148

LT Super 116-E

2013

Saudi Aramco

Saudi Arabia

Nov 19

Feb 26

Leased to ARO Drilling(4). Suspension notice received from Saudi Aramco. Discussions are ongoing with Saudi Aramco regarding whether another Valaris leased rig or ARO-owned rig could be subject to the suspension instead of VALARIS 148 as well as when the suspension will be effective.

VALARIS 147

LT Super 116-E

2013

Saudi Aramco

Saudi Arabia

Sep 19

Dec 25

Leased to ARO Drilling(4). Expect approx. 30 days out of service for planned maintenance in 3Q24. Suspension notice received from Saudi Aramco. Discussions are ongoing with Saudi Aramco regarding whether another Valaris leased rig or ARO-owned rig could be subject to the suspension instead of VALARIS 147 as well as when the suspension will be effective.

VALARIS 146

LT Super 116-E

2011

Saudi Aramco

Saudi Arabia

Sep 18

Dec 24

Leased to ARO Drilling(4)

VALARIS 144

LT Super 116-E

2010

Undisclosed

Undisclosed

Angola

Angola

Feb 25

Apr 25

Mar 25

May 27

Out of service for contract preparations and mobilization in 3Q24, 4Q24 and 1Q25. Total contract value of approx. $8.5 million based on estimated duration of 45 days

Total contract value estimated to be between $149 million and $156 million, including a mobilization fee from the U.S. Gulf of Mexico.

VALARIS 141

LT Super 116-E

2016

Saudi Aramco

Saudi Arabia

Aug 22

Aug 25

Leased to ARO Drilling(4)

VALARIS 140

LT Super 116-E

2016

Saudi Aramco

Saudi Arabia

Mar 22

Mar 25

Leased to ARO Drilling(4)

VALARIS 76

LT Super 116-C

2000

Saudi Aramco

Saudi Arabia

Aug 24

Aug 29

Leased to ARO Drilling(4). Expect approx. 30 days out of service in 3Q24 for contract preparations

Stacked

VALARIS 145

LT Super 116-E

2010

US GOM

VALARIS 143

LT Super 116-E

2010

UAE

VALARIS 75

LT Super 116-C

1999

US GOM

Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report

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Valaris Limited
Fleet Status Report
July 29, 2024

Asset Category / Rig

Design

Year Delivered

Customer

Location

Contract Start Date

Contract End Date(1)

Day Rate(2)

Comments

Standard Duty - Legacy Jackups

VALARIS 92

LT 116-C

1982

Harbour Energy

Undisclosed

UK
UK

Mar 24

Mar 25

Feb 25

Feb 27

$95,000

Total contract value of approx. $75 million based on duration of two years

VALARIS 72

Hitachi 300C

1981

Eni
Eni

UK
UK

Jan 20
Feb 25

Jan 25
Sep 27

Other - Managed Rigs

Thunder Horse

Deepwater Semisubmersible

US GOM

Jan 24

Jan 27

Total contract value of approx. $153 million

Mad Dog

Deepwater Spar Drilling Rig

US GOM

Jan 24

Jan 27

Total contract value of approx. $106 million

Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report

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Valaris Limited
Fleet Status Report
July 29, 2024

Asset Category / Rig

Design

Customer

Location

Contract Start Date

Contract End Date(1)

Day Rate(2)

Comments

ARO Drilling

Jackup Rigs Owned by ARO Drilling

Gilbert Rowe

LT 116-C

Saudi Aramco

Saudi Arabia

Oct 17

Jan 26

SAR 201

BM 200-H

Saudi Aramco

Saudi Arabia

Feb 18

Feb 26

Expect approx. 45 days out of service for planned maintenance across 3Q24 and 4Q24

Bob Keller

LT Tarzan 225-C

Saudi Aramco

Saudi Arabia

Oct 17

Jan 26

J.P. Bussell

LT Tarzan 225-C

Saudi Aramco

Saudi Arabia

Oct 17

Jan 26

Expect approx. 15 days out of service for planned maintenance in 3Q24

Scooter Yeargain

LT Tarzan 225-C

Saudi Aramco

Saudi Arabia

Oct 18

Dec 26

Expect approx. 15 days out of service for planned maintenance in 3Q24

Hank Boswell

LT Tarzan 225-C

Saudi Aramco

Saudi Arabia

Oct 18

Dec 26

SAR 202

KFELS Super B

Saudi Aramco

Saudi Arabia

Oct 17

Jan 26

Kingdom 1

LT 116-C

Saudi Aramco

Saudi Arabia

Nov 23

Nov 31

Kingdom 2

LT 116-C

Saudi Aramco

Saudi Arabia

Aug 24

Aug 32

Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report

(1) Contract duration does not include any unexercised optional extensions. Contract end dates can vary based on how long it takes to complete the wells subject to the contract.

(2) Day rates are reported to the nearest thousand and reflect the operating day rates charged to customers, excluding certain types of non-recurring revenues such as lump sum mobilization payments. Day rates are provided unless such disclosures are restricted by confidentiality provisions.

(3) Heavy duty jackups are well-suited for operations in tropical revolving storm areas.

(4) Rigs leased to ARO Drilling via bareboat charter agreements to fulfill contracts between ARO Drilling and Saudi Aramco.

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Valaris Limited
Fleet Status Report
July 29, 2024

Out of Service Days (1)

Rig

Asset Category

Q3 2024

Q4 2024

Q1 2025

Q2 2025

VALARIS DS-4

Floater - Drillship

VALARIS 250

Jackup - Heavy Duty Harsh Environment (Leased to ARO Drilling)

VALARIS 249

Jackup - Heavy Duty Harsh Environment

VALARIS 248

Jackup - Heavy Duty Harsh Environment

VALARIS 122

Jackup - Heavy Duty Harsh Environment

VALARIS 120

Jackup - Heavy Duty Harsh Environment

VALARIS 117

Jackup - Heavy Duty Modern

VALARIS 106

Jackup - Heavy Duty Modern

VALARIS 147

Jackup - Standard Duty Modern (Leased to ARO Drilling)

VALARIS 144

Jackup - Standard Duty Modern

VALARIS 76

Jackup - Standard Duty Modern (Leased to ARO Drilling)

(1) Table shows expected out of service days for planned maintenance, e.g. special periodic surveys and contract preparation, excluding rigs undergoing reactivation projects. Excludes ARO owned rigs.

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Valaris Limited
Fleet Status Report
July 29, 2024

Additional Information Regarding this Fleet Status Report

Day Rate and Terms. The day rates reflected in this Fleet Status Report are stated in U.S. dollars and include the operating day rates charged to customers, which may include estimated contractual adjustments for changes in operating costs and/or reimbursable cost adjustments for ongoing expenses such as crew, catering, insurance and taxes. The day rates, however, do not include certain types of non-recurring revenues such as lump sum mobilization payments, revenues earned during mobilizations, revenues associated with contract preparation and other non-recurring reimbursable items such as mobilizations and capital enhancements, and the impact of the fair market value adjustments to previously acquired drilling contracts that are recognized during the contract term. Routine and non-routine downtime may reduce the actual revenues recognized during the contract term. Additionally, we sometimes negotiate special rates and/or day rate adjustments with customers that may reduce revenues recognized.

Total Contract Value. Total contract value is the estimated total compensation expected to be received for a contract, including the operating day rate over the estimated firm term of the contract and any non-recurring lump sum payments for items such as mobilization, reactivation and capital upgrades.

Forward-Looking Statements. Statements contained in this Fleet Status Report that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include words or phrases such as "anticipate," "believe," "estimate," "expect," "intend," "likely," "plan," "project," "could," "may," "might," "should," "will" and similar words and specifically include statements regarding expected financial performance; expected utilization, day rates, revenues, operating expenses, cash flows, contract status, terms and duration, contract backlog, capital expenditures, insurance, financing and funding; the offshore drilling market, including supply and demand, customer drilling programs and the attainment of requisite permits for such programs, stacking of rigs, effects of new rigs on the market and effect of the volatility of commodity prices; expected work commitments, awards, contracts and letters of intent; scheduled delivery dates for rigs; performance of our joint ventures, including our joint venture with Saudi Aramco; timing of the delivery of the Saudi Aramco Rowan Offshore Drilling Company ("ARO") newbuild rigs and the timing of additional newbuild orders; the availability, delivery, mobilization, contract commencement, availability, relocation or other movement of rigs and the timing thereof; rig reactivations; suitability of rigs for future contracts; divestitures of assets; general economic, market, business and industry conditions, including inflation and recessions, trends and outlook; general political conditions, including political tensions, conflicts and war; cybersecurity attacks and threats; impacts and effects of public health crises, pandemics and epidemics; future operations; ability to renew expiring contracts or obtain new contracts, including for VALARIS DS-13 and DS-14; increasing regulatory complexity; targets, progress, plans and goals related to sustainability matters; the outcome of tax disputes; assessments and settlements; and expense management. The forward-looking statements contained in this Fleet Status Report are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including cancellation, suspension, renegotiation or termination of drilling contracts and programs; our ability to obtain financing, service our debt, fund capital expenditures and pursue other business opportunities; adequacy of sources of liquidity for us and our customers; future share repurchases; actions by regulatory authorities, or other third parties; actions by our security holders; internal control risk; commodity price fluctuations and volatility, customer demand, loss of a significant customer or customer contract, downtime and other risks associated with offshore rig operations; adverse weather, including hurricanes; changes in worldwide rig supply, including as a result of reactivations and newbuilds; and demand, competition and technology; supply chain and logistics challenges; consumer preferences for alternative fuels and forecasts or expectations regarding the global energy transition; increased scrutiny of our sustainability targets, initiatives and reporting and our ability to achieve such targets or initiatives; changes in customer strategy; future levels of offshore drilling activity; governmental action, civil unrest and political and economic uncertainties, including recessions, volatility affecting the banking system and financial markets, inflation and adverse changes in the level of international trade activity; terrorism, piracy and military action; risks inherent to shipyard rig reactivation, upgrade, repair, maintenance or enhancement; our ability to enter into, and the terms of, future drilling contracts; suitability of rigs for future contracts; the cancellation of letters of intent or letters of award or any failure to execute definitive contracts following announcements of letters of intent, letters of award or other expected work commitments; the outcome of litigation, legal proceedings, investigations or other claims or contract disputes; governmental regulatory, legislative and permitting requirements affecting drilling operations; our ability to attract and retain skilled personnel on commercially reasonable terms; environmental or other liabilities, risks or losses; compliance with our debt agreements and debt restrictions that may limit our liquidity and flexibility, including in any return of capital plans; cybersecurity risks and threats; and changes in foreign currency exchange rates. In addition to the numerous factors described above, you should also carefully read and consider "Item 1A. Risk Factors" in Part I and "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II of our most recent annual report on Form 10-K, which is available on the Securities and Exchange Commission's website at www.sec.gov or on the Investor Relations section of our website at www.valaris.com. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to update or revise any forward-looking statements, except as required by law.

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